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2005 SESSION
056689300Patrons-- Ebbin, Brink, Eisenberg, Janis, Lewis, Miller, Moran, Nixon, Orrock, Parrish, Plum, Rust, Scott, J.M., Sickles, Van Landingham and Watts; Senators: Cuccinelli, Hanger, Houck, Ticer and Whipple
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-3219.1 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-3219.1. Conditions of deferral; payment of deferred amounts.
The deferral program provided in this article shall allow the taxpayer the option of deferring all or any portion of the real estate tax that exceeds 105 percent of the real estate tax on such property owned by the taxpayer in the previous tax year. The governing body may adopt a higher minimum percentage increase figure.
The deferred amount shall be subject to interest computed at the
a rate established by the governing
body, not to exceed the rate established pursuant to § 6621 of the
Internal Revenue Code. The accumulated amount of taxes deferred and interest
shall be paid to the county, city, or town by the owner upon the sale or
transfer of the property, or from the estate of the decedent within one year
after the death of the owner. If the real estate is owned jointly and all such
owners applied and qualified for the deferral program established by ordinance,
the death of one of the joint owners shall not disqualify the survivor or
survivors from participating in the deferral program. All accumulated deferred
taxes and interest shall be paid within one year of the date of death of the
last qualifying owner. The accumulated amount of tax deferred and interest
shall constitute a lien upon the real estate.